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UPDATE 1-HCC Insurance sees Q3 investment losses of $19.4 mln

Wed Oct 1, 2008 5:11pm EDT

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(Recasts; adds details)

Oct 1 (Reuters) - HCC Insurance Holdings Inc (HCC.N) said it will realize pretax investment losses of $19.4 million in the third quarter, after it sold securities in some firms affected by the crisis in the financial markets.

The company sold all its preferred stock in Fannie Mae (FNM.N), Freddie Mac (FRE.N) and Wachovia Corp WB.N, and securities in American International Group Inc (AIG.N) and Lehman Brothers Holdings (LEHMQ.PK).

HCC will report net realized investment loss of $12.1 million, before taxes, from all sales of securities undertaken during the third quarter. Its cash and investments totaled $4.8 billion as of June 30.

The company said it does not own Washington Mutual Inc (WAMUQ.PK) securities.

Shares of the company closed at $25.83 Wednesday on the New York Stock Exchange. (Reporting by Ratul Ray Chaudhuri in Bangalore; Editing by Pratish Narayanan)



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